IDBI Bank Privatization – Know the Story

IDBI Bank Employees are not taking the proposals of Finance Minister Arun Jaitely during the Budget 2016 lightly. Finance Minister said that the government is considering to lower down the stakes in the IDBI to less than 50% and that would just make the IDBI Bank privatize. The Employees have shown grave concerns for the same and decided to go ahead with the first day strike on March 28. The proposed strike is to show the anger of stake dilution of the present government. Interestingly, the Government now owns around 80% of stake in IDBI.

IDBI Bank Privatization

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IDBI Bank was established in 1964 by the Act of Parliament with the name of Industrial Development Bank of India. The main aim of the bank was to fuel the growing industry of India post-independence. However, in the recent budget, the dilution has been offered. However, privatization of the IDBI can cause serious damage to the employees. In order to face the heat of privatization, the employees are staging the protest. Mr. Jaitely has already said that initiation of the process has started and government is considering all options.

IDBI Bank – Scale of Protest

The Employees are furious and people associated with different association have joined the protest for the IDBI Bank Privatization issue. Members of All India Bank Employees Association (AIBEA) and All India Bank Officers Association (AIBOA) have decided to join the protest. The strike has been called however under the United Forum of IDBI Officers and Employees (UFIOE).

No Government reply has been received on the same and the employees have also threatened for a four day strike against the IDBI Bank Dilution of Stake by Government of India.